Aval

I bought a property last year off plan in the Granada Area the developer has been taken over and merged with a new company,We have a bank guarantee in the old company developers name but not in the new company name. Can anyone of the lawyers on this forum please let us know wether we do need a new BG in the new companies name? We think that we do. Very grateful Peterj

Legally speaking merger occurs when two companies dissolve and fold their assets and liabilities into a newly created third entity but as you don’t know exactly the terms of this merger agreement I think it’d be advisable to contact with the bank guarantor and with the new company in order to obtain a new bank guarantee.

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